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SUPER - TIPS AND TRAPS. 01 Jul 2016
Ever wondered why you can’t withdraw an asset from your self-managed super fund (SMSF) in lieu of your withdrawal benefit? It’s because the Superannuation Industry (Supervision) Act 1993 (Cth) (SIS) limits withdrawals on retirement. Only lump sums or pension payments, or a combination of the ..
PORTFOLIO MONITORING TECHNOLOGY - A REGULATORY MUST HAVE. 01 Jul 2016
Clip the ticket and take a fee. Maybe it was possible once, but not anymore, as clients and regulators demand greater proactivity in portfolio monitoring and management. In the direct aftermath of the GFC, the public eye was on the appropriateness of financial products recommended by adviser ..
SUBROGATION vs CONTRIBUTION – WHAT’S THE DIFF. 28 Jun 2016
Ever wondered about the difference between rights of subrogation and rights of contribution? It really comes down to who is prepared to share the cost of the exposure. As dry as the topic can be, the difference is becoming critical in contracts that require you to have certain clauses in yo ..
CONTRACTUAL LIABILITY INSURANCE. 13 May 2016
Historically, contractual liability cover has been hard to obtain – especially blanket cover and until recently, it was generally unaffordable for many SMEs. The good news is that a small number of insurers have recently begun offering it to SMEs. Blanket contractual liability automatically ..
CHALLENGES FOR DIGITAL DEALINGS. 06 May 2016
ASIC says the financial services laws are technologically neutral. But when you get down to the detailed work required to apply the current framework to digital advice, it quickly becomes apparent that they’re not. Especially if you’re trying to deliver an enjoyable customer experience! Dig ..
ACCOUNTANTS’ BUSINESS STRUCTURES. 05 May 2016
With the 1 July 2016 limited licensing deadline fast approaching, accountants should already have decided whether to apply for an AFS licence or become an authorised representative. An often overlooked question for accountants heading down the licencing track is: which entity should hold the li ..
DESIGNATING CONTRACTS. 28 Apr 2016
Most contracts contain indemnity clauses that require one party to indemnify the other if things go wrong. Where there’s an imbalance of negotiating power, these clauses are often quite unfair to the weaker party. And this can affect your ability to access your liability insurance to cover the c ..
CHALLENGES FOR DIGITAL ADVICE. 27 Apr 2016
When the AFS regulatory regimes started in 2004, the advanced algorithms, natural language programming and behavioural finance techniques that power digital advice were still the stuff of science fiction. Face-to-face or paper advice was the order of the day. Replicating complex human intera ..
FIRST FOFA, NOW THERE'S PSOFA! 21 Apr 2016
We’ve known for some time that the proposed* new professional standards for the financial planning industry will require advisers to hold a degree. But there’s more to it than that. The draft legislation also seeks to prescribe in law restrictions on use of the terms “financial planner” and “f ..
UNFAIR CONTRACTUAL INDEMNITIES. 01 Apr 2016
The unfair contract laws* which start on 12 November 2016 will be a powerful tool for small businesses when negotiating contractual indemnities. Charmian Holmes explores why… What is an unfair contract term? An unfair contract term is a term which: causes significant unbalanc ..
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